Open Question: What are the rates for a 15 year refinance mortrgage?

Administrator · #1 (**permalink**) 12-09-2008, 04:24 AM

I currently have 5.5 % 30 year mortgage. I want to check to consider if it makes sense to refinance for a 15 yr. mortgage.Any feedback is appreciated.

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Eugine · #2 (**permalink**) 09-14-2010, 05:46 AM

Refinancing replaces your current mortgage with a new loan that has a more favorable interest rate and terms that you can afford to manage. The new loan is secured on the same property as your current loan. The new loan funds are used to pay down the current mortgage while any remaining money can be used to your best advantage.

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